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Saudi Wealth Fund Eyes $3bn Jordan Investments

Saudi Arabia’s Public Investment Fund (PIF) looks set to expand its investments in Jordan via the new Saudi-Jordanian Investment Fund established this week on the sidelines of the state visit to Amman by Saudi King Salman.

The fund, an MoU for which was inked this week, envisages long-term investment of up to $3bn in real estate, energy, tourism and infrastructure. PIF says it will own 90% of the fund with the remaining 10% held by 15 Jordanian banks, including Arab Bank and Jordan Islamic Bank. The company operating the fund will have an initial capital of $10mn.

‘LONG-TERM FOCUS’

PIF managing director Yasir al-Rumayyan says the Jordanian investments will be chosen to “ensure long-term revenue.” Expanding in Jordan is part of PIF’s strategy to “develop a portfolio that has a greater geographical diversification, is risk-adjusted across sectors and diversifies sources of income,” he told Reuters. (CONTINUED - 616 WORDS)